55 reasons why LIC must be not only market leader but market creator also.Let's see these reasons:
1.LIC is the Largest insurance Company in the world in Customer Base (29.1 crore individual and 11.58 crore group policies)
2. No.1 insurance company in the world in terms of agency (10.63 agents Including 31154 CLIAs)
3. LIC is No.1 insurer in the world in Volume & Sold 2.79 Cr.Policies in 2014_15 including VPBY.
4. 2nd Biggest Real Estate Owner next to Indian Railways.
5. LIC is one of the Highest income tax playing Organization.
6. Has Highest insurance Professionals ( Club Member agents )
7. Only 4 countries in the world have more population that LIC`s policy holders.
Award - Recognition during 2014-15
8.Indian Insurance Award 2014.Claim Leader.
9.Indian Insurance Awards 2014.Underserved Market penetration.
10.Indian Insurance Awards 2014.Life Insurance Company of the year.
11.Reader's Digest 2014 Trusted Brand.
12.ET Best Brands
13.Outlook Money Best Life Insurer
14. "Web 18-Genius of the web Award" Conferred for the best and most popular website
15. "SKOCH order of merit CSR Excellence.
17.Indira Gandhi Award from President of India.
18.NASEOH Award for best Employer.
19.ABCI Award for Yogakshema Magazine
20. Lokmat BFSI awards 2014 Best Life Insurance Company
21.Pitch Top 50 brands.
Honouring of the Commitment - Settlement of Claims
22. No.1 insurance Company in the world in terms of claims paid.
23. LIC Settles 2.21 claims per second, LIC settled 232.32 lakhs claims during the year 2014-15.
24. Prompt settlement of claims (99.79% maturity claims & 99.51% death claims settled in 2014-15.
25. One of the Lowest outstanding Claim Ratio in the world ( Maturity+S B+Death Claim)
Advanced Technology-For better Customer Service
26. Computerized and networked 2048 branch offices and 1381satellite offices, 1245 mini offices & 73 Customer Zones throughout the country.
27. Use of High Tech-WAN, LAN, IVRS & EDMS
28. LIC is second largest PC user in the country.
29. EDMS to make LIC a paperless office- Enabling Policy servicing & payments through all branchs in the country.
30. Premium Payment Facility extended through networked 2048 branches, ECS, ATM's(Corp.Bank, ICICI & AXIS) through internet, online portals, collecting bank (Axis Bank), AP online, through SMS, through selected agents(33000), more than 3000 SBAs& ASBAs
Now LIC Premium can also be paid through"Suvidha info Serve KIOSKS" all over India.
31. Policy Holder's Portal allow on line access to policy status and other details.
32. Info centre set up in 12 cities for customers to interact easily.
33. 45 interactive Voice Response System (IVRS) centers all over the country to provide information on policy servicing. Facility is available 24 7, Facility can be availed on following phone Nos. 1251
34. LIC - an institution builder promoting many financial and insurance institutes like NSE, NCDEX, LIC Mutual Fund, Stock Holding Corporation of India, National insurance Academy, insurance institute of India etc.
35. LIC has foreign operations in Mauritius, Fiji and London and has joint venture operating in Bangladesh, Sri lanka, Nepal, Bahrain & Saudi Arabia. New offices will be hortly oprned in Australia, USA& Canada.
36. LIC is known as "Pension Provider" of the country.
37. 1st Pension company in India is floated by LIC as "LIC Pension Fund Ltd" on 21st Nov 2007.
38. First to create waves in micro insurance sector by insuring people below the poverty line. In year 2014-15 4.03 lac policies sold through " New Jeevan Mangal" "Bhagya Lakshami "Plan.
39. Widest range of plans (about 29) for every need of the customer of 0 to 79 years of age.
40. Biggest Portfolio of Group insurance schemes available.
41. "Jeevan Saral" one of the product of LIC got "Best innovation product " award from I.R.D.A.
42. LIC has covered Risk of 5.13 crore citizens through "AAM ADMI BIMA YOJANA" & " JANASHREE BIMA YOJANA".
43. Very Unique Salary saving Portfolio.
44. Highest Number of Corporate Clients in Group insurance Scheme.
45. Expan ding Distribution Channel through Bancassurances, Corporate Agencies, Broker ship & Chief Life insurarance Advisor (CLIA).
46. New East - Central Zonal Office opened at Patna to cater to the needs of states of Bihar, Jharkhand and Orissa. 5 new Divisional offices were also opened.
47. "Golden Jubilee Foundations" established under Corporate Social Responsibility for undertaking charitable activities like education, health, elimination of poverty etc.Since inception total 10878 students have benefited from the Scheme.
People's Money for People's Welfare
48. LIC invested Rs. 1059964 crore in Central and State Govt Securities.
49. In socially oriented sector like water, Irrigation, road, port, railways, telecom drainage, power, & housing etc, LIC has invested Rs.226806 crores during 2014-15
50. Total investment in Social Sector Rs.1286770 Crs.
51. Different incentive schemes for villages, Schools and Banks under Bima Gram, Bima School and Bima Banks.
52. Total investment in Nation Building Activities is 752633 Crs.
53. LIC's Total income is Rs.407546 Crs.in 2014-15.
54. Total Assets of the corporation as on 31.3.15 were Rs. 20, 31, 116Crs.
55. Largest institutional investor in Share Market. On an average Rs.100 crore invested every day.
Ahmed Financial Solutions,
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